Annual report pursuant to section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (15,527,246) $ (7,301,313)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 210,633 182,089
Stock based compensation 888,295 626,787
Warrant liability (43,290) 0
Amortization of debt discount 91,704 2,869
Amortization of deferred financing costs 99,238 2,644
Non-cash interest expense related to notes payable 0 1,959
Loss on sale of equipment 0 18,399
Amortization of license revenue (44,074) 0
Changes in operating assets and liabilities    
Accounts receivable 39,112 (39,112)
Inventories (403,465) (118,248)
Prepaid Expenses (190,969) (48,517)
Other assets 593,051 (115,041)
Accounts payable 1,608,980 (244,743)
Accrued expenses 76,471 150,622
Accrued interest 36,597 0
Deferred revenue 1,700,000 0
Deferred rent liability (22,191) (22,190)
Net cash used in operating activities (10,887,154) (6,903,795)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Short-term investments (2,935,184) 0
Purchase of property and equipment (196,635) (118,853)
Net cash used in investing activities (3,131,819) (118,853)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock 27,030,820 17,287,288
Proceeds from Hercules note payable 1,000,000 3,906,000
Payment of equity issuance costs (386,473) (1,338,009)
Debt issuance costs    (25,000)
Repurchase of common stock    (150,000)
Repayments on notes payable    (200,000)
Payments of leasehold improvement loan (11,569) (9,730)
Net cash provided by financing activities 27,632,778 19,470,549
NET INCREASE IN CASH AND CASH EQUIVALENTS 13,613,805 12,447,901
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,535,672 87,771
CASH AND CASH EQUIVALENTS - END OF PERIOD 26,149,477 12,535,672
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 382,736 1,085
Supplemental Disclosure of Noncash Financing Activities:    
Conversion of notes payable and accrued interest into common stock 0 262,740
Reclassification of equity issuance costs to additional paid-in capital 428,311 0
Accrued equity issuance costs 41,838 69,533
End of term liability for Hercules note payable 26,500 106,000
Warrants issued in connection with note payable 0 229,345
Elimination of warrant liability 186,055 0
Stock retained by stockholders of shell company $ 0 $ 67